Carrefour"s target price has been lowered by UBS to €14.1 from €14.8, with a Neutral recommendation on the stock. Despite improved Q3 growth rates, UBS anticipates a challenging second half of the year in key markets.
The outlook for EBIT remains difficult, particularly in Europe, leading UBS to reduce its FY24e and FY25e EBIT estimates by 4% and 3% respectively. Carrefour, however, has reaffirmed its financial targets for 2024, including growth in EBITDA and Recurring Operating Income, as well as Net Free Cash Flow aligned with the Carrefour 2026 plan. The company remains committed to its strategic objectives despite market headwinds.